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February 12, 2013
11:51 EDTPPG, VALPaint maker Valspar retreats after results miss expectations
Coatings and paint manufacturer Valspar (VAL) is sinking after the company reported lower than expected first quarter earnings per share, or EPS, and lower than expected first quarter revenue. The company explained that international markets were weaker than it had anticipated. Specifically, Valspar said its business in China, Australia, and parts of Europe were weaker than expected. Moreover, Valspar anticipates that its overseas markets will continue to be weak. As a result, it lowered its fiscal 2013 EPS guidance to $3.60-$3.80, from its previous guidance of $3.65-$3.85. Analysts' consensus estimate was $3.79. On a positive note, Valspar reported that its U.S. consumer paints business, boosted by the U.S. housing recovery, generated revenue growth in the mid single percentage digits. Meanwhile, the revenue from Valspar's North American wood business rose in the high single percentage digits. Nevertheless, in late morning trading, Valspar tumbled 7.50%, to $61.92. PPG Industries, which also manufactures coatings, dropped 2.6% to $135.
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